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Nebraska Ag News Headlines |
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USDA Rural Development Celebrates National Small Business Week
Nebraska Ag Connection - 09/22/2020
Annually a Presidential proclamation honors small business entrepreneurs. USDA Rural Development celebrates Nebraska's small rural business entrepreneurs. Many of Nebraska's businesses start and grow one person, one idea and one job at a time. Rural Development is here to help those ideas grow to reality.
Rural Microentrepreneur Assistance Program (RMAP) loan and grant funds are available to eligible Microenterprise Development Organizations (MDO) to establish a revolving loan fund (RLF) and to provide training and technical assistance to microenterprises and microentrepreneurs for business startup and growth. Eligible MDOs are a non-profit, an Indian tribe, or a public institution of higher education. Loans to microbusinesses from the RLF cannot exceed $50,000 per business. Approximately $14.5 million was available, for fiscal year 2019 funding. RMAP applications may be submitted at any time, up to $500,000 is available per application. Fiscal year 2020 funding will be announced after October 1st.
Funds loaned to a microbusiness can be used for most types of business activities including agricultural production and excluding construction costs.
Rural microbusiness and microentrepreneurs enhance the communities they call home. Microbusinesses provide necessary services including; auto repair, restaurants, retail sales, salons and spas, chiropractic services and physical therapy, grocery stores, bakeries and delis. Businesses also fulfill dreams offering something special; a pottery center for classes, ceramics, art gallery, coffee shop and studio, quilting and embroidery services and products including custom work and retail product sales, or a children's indoor playground.
RMAP loan funds can be leveraged with traditional bank financing. RMAP funds create and save jobs, fill an empty building, and increase the local tax base. RMAP loan funds and technical assistance can encourage new and existing business, add new residents or help a young adult build credit and equity. RMAP loan funds along with targeted technical assistance available from RMAP grant funds may be just what your rural community is waiting for. Grant funds are awarded simultaneously with loan funds.
Since 2010 Nebraska has been the recipient of $3.1 million in RMAP funding assisting over 125 businesses and impacting over 500 jobs. Currently approximately $4 million dollars is loaned or available to be loaned.
To discuss applicant and project eligibility or for more information regarding the RMAP program contact Deborah Drbal, deborah.drbal@usda.gov or 402-437-5558, Marla Marx, marla.marx@usda.gov or 308-632-2195 extension 132 or visit Rural Microentrepreneur Assistance Program (RMAP).
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